Bass Oil reports $2.8M sales revenue
- Bass Oil recorded quarterly sales revenue of $2.8 million, up 4% quarter-on-quarter, driven by a 20.9% increase in group oil production.
- The company maintained a debt-free balance sheet, holding $2.1 million in cash reserve funds at the end of the September quarter.
- Management is targeting expanded oil production and upcoming gas sales to position the business as a mid-tier producer.
Bass Oil (ASX:BAS) generated $2.8 million in sales revenue for the September quarter, representing a 4% increase over the previous quarter.
Net oil production reached 23,944 barrels, rising 21% from 19,810 barrels recorded in the June quarter.
“By far the most impactful project delivered by the Bass team so far this year has been the Bunian 6 oil well,” said Bass Oil Managing Director Tino Guglielmo.
The company reported that field production at its Indonesian asset reached approximately 700 barrels of oil per day, with cash payback projected for January 2027.
Following the announcement, the Bass Oil share price was unchanged at $0.06.
The Australian producer holds a majority interest in sixteen Cooper Basin permits alongside a 55% share in an Indonesian joint venture.
Bass Oil stated that it expects first gas revenues from its Vanessa project early next year to support its future growth strategy.
